San Mateo County 2017 Real Estate Report

Atherton | Menlo Park | Portola Valley | Woodside

The numbers are in and the real estate market closed with impressive results in 2017!

The normally resilient Peninsula real estate market experienced sluggishness over the second half of 2016, but the 2017 market rebounded.

At a glance here is a high level comparison of Atherton, Menlo Park, Portola Valley, and Woodside. Most communities experienced a slight increase in the number of homes sold, welcome news after years of declining inventory.

Information is based on data from MLSListings.com and does not include private sales.

Number of Sales

Area

2016

2017

% Change

San Mateo County

4,183

4,342

+3.80%

Atherton

70

82

+17.14%

Menlo Park

299

307

+2.86%

Portola Valley

63

77

+22.22%

Woodside

73

70

-4.29%

(Source MLSListings.com)

Average Days on Market

Area

2016

2017

San Mateo County

26

22

Atherton

73*

47

Menlo Park

25

23

Portola Valley

33

32

Woodside

73*

55

(Source MLSListings.com)

*The Average Days on Market for Atherton and Woodside includes sales data in each community for 5 homes that were on the market for over 200 days. When these properties with excessively long days on market are excluded, the Average Days on Market is 50 days for Atherton and 51 days for Woodside.

Median Sales Price

Area

2016

2017

% Change

San Mateo County

$1,289,000

$1,425,000

+10.55%

Atherton

$6,002,500

$4,750,000

-20.80%

Menlo Park

$2,150,000

$2,280,000

+6.05%

Portola Valley

$2,700,000

$3,000,000

+11.11%

Woodside

$2,717,500

$2,250,000

-17.20%

(Source MLSListings.com)

* In 2016 there were 20 sales in Atherton in excess of $10 million, 8 of which were new construction, representing 27.4% of the total number of homes sold. In 2017 by comparison there were 11 sales in excess of $10 million, 1 of them new construction, representing 14.1 % of total homes sold.

* *In Woodside there were 8 sales over $8 million in 2016, 11.11% of total sales, compared to 4 in 2017 representing 5.7% of total sales.

Sales Price to List Price Ratio

Area

2016

2017

San Mateo County

105.2%

108.2%

Atherton

97.7%

99.3%

Menlo Park

103.9%

106.4%

Portola Valley

100.4%

102.3%

Woodside

97%

98.9%

(Source MLSListings.com)

Market Trends by Community

Atherton Year-end 2017

The annual Sale Price to List Price Ratio was 99.3% up from 97.7% in 2016.The Median Sales Price was down from $6,002,600 in 2016 to $4,750,000. In 2016 there were 20 sales in excess of $10 million, 8 of these were new construction, comprising 27.4% of total homes sold. In 2017 there were 11 sales in excess of $10 million, 1 of them was new Construction, representing 14.1% of total homes sold.The total number of properties sold in 2017 was 82 compared to 71 in 2016. The graph shows that more homes sell in Q2 and this trend is consistent for the past 5 years.The Average Days on Market declined to 47 from 73 in 2016. The data for 2016 includes 5 homes that were on the market in excess of 200 days. When these 5 homes are excluded the Average Days on Market is 50.

Menlo Park Year-end 2017

The annual Sale Price to List Price Ratio rose to 106.4% up from 103.9% in 2016. The graph demonstrates the softening of the market during the second half of 2016 and the recovery starting in 2017.The Median Sales Price continued its climb.There are more homes sold during the second quarter of the year.Average Days on Market declined from 25 days in 2016 to 23 in 2017.

Portola Valley Year-end 2017

The annual Sale Price to List Price Ratio rose to 102.3% in 2017 up from 100.4 in 2016.The Median Sales Price increased to $3,000,000 in 2017 up from $2,700,000 in 2016.In most years the second quarter has more sales, but 2017 was an exception with 28 sales in the Q4.The Average Days on Market decreased slightly from 33 days in 2016 to 32 days in 2017.

Woodside Year-end 2017

The Sale Price to List Price Ratio rose sharply through April when it peaked at 107.7% and tapered off over the rest of the year. The 2017 annual ratio was 98.9% up from 97.1% in 2016.The Median Sales Price decreased to $2,250,000 in 2017 compared to $2,717,500 in 2016. There were 8 sales over $8 million in 2016, 11.1% of total homes sold, compared to 5 in 2017, 5.7% of total homes sold.The first half of 2017 was slower but the market picked up during the second half with 70 sales down from 72 in 2016.The Average Days on Market in 2016 includes sales data for 5 homes that were on the market for over 200 days. When these 5 properties are excluded the average days on market is 51 days.

2018 has started with low inventory which is typical for this time of year. We are just starting to see more homes come on the market and we are looking forward to another dynamic real estate market.

Over the next few days we will be posting articles about the Santa Clara County real estate market and some of the current hot topics in residential real estate.